The company plans to start going-out-of-business sales as soon as it can reopen stores that have been temporarily shut due to COVID-19.

Pier 1 began a single store in San Mateo, California in 1962 and grew to as many as 1,200 stores at one point.

The news comes on the heels of similar bankruptcy announcements Gordmans parent company and JC Penney. Each has plans to re-open a portion of their stores but neither has addressed the long-range outlook for their Sioux Falls locations.